Tern Narrows First-Half Loss to £382,000 as Net Assets Increase

Tern Plc (LSE:TERN) reported a loss of £382,000 for the six months ended 30 June 2026, a reduction of 60% compared with the same period a year earlier.

The AIM-listed technology investment company reported net assets of £7.4 million at the end of the period, up from £6.9 million at 31 December 2025.

Administration expenses declined 15% year on year as Tern continued to manage costs amid what the company described as a challenging funding environment for early-stage technology businesses.

Tern Raises Funding and Repays Loan Facility

Tern raised approximately £0.9 million during the first half through placings and an open offer.

Following the end of the reporting period, the company raised a further approximately £0.95 million through additional placings and an open offer.

The proceeds have supported follow-on investments in portfolio companies Device Authority and Talking Medicines, as well as the repayment in full of a short-term loan facility.

The fundraising also provided additional liquidity for Tern as it continues to manage and invest selectively across its portfolio.

Portfolio Recurring Revenue Declines 37%

Aggregated annual recurring revenue across Tern’s key portfolio companies declined 37% year on year during the period.

Against this backdrop, the company said portfolio businesses continued to develop products incorporating artificial intelligence and advanced data science while adjusting their cost bases.

Tern continues to provide strategic, commercial and governance support to its portfolio companies as they develop their operations and seek additional commercial opportunities.

More About Tern

Tern Plc is an AIM-listed investment company focused on early-stage Internet of Things and technology businesses.

Its portfolio includes Device Authority and Talking Medicines, which develop technology incorporating areas such as artificial intelligence, data analytics and automation.

Tern takes an active role in its portfolio companies through strategic guidance, commercial support and governance oversight, with a focus on businesses offering recurring revenue potential.